Nazara Technologies Q4 FY25 Earnings: Revenue Surges 95% YoY

Nazara Technologies, India’s only listed gaming company, reported a robust 95.4% year-on-year increase in revenue to ₹520.2 crore for the fourth quarter ended March 31, 2025 (Q4FY25).

However, the company’s bottom line was dampened by high expenses and losses from discontinued operations, leading to a net profit of ₹4.07 crore, up significantly from just ₹18 lakh in Q4FY24.

Key Financial Highlights (Q4FY25 vs Q4FY24)

Metric	Q4FY25	Q4FY24	YoY Growth
Revenue from Operations	₹520.2 crore	₹266.21 crore	+95.4%
Net Profit (Consolidated)	₹4.07 crore	₹0.18 crore	Substantial
Net Profit from Continuing Ops	₹15.86 crore	₹8.35 crore	+90%
Loss from Discontinued Ops	₹9.79 crore	–	N/A
Expenses	₹527.72 crore	₹284.96 crore	+85.2%
EPS (Diluted)	₹0.56	₹0.02	–

Despite the surge in revenue, expenses also nearly doubled, driven by increased investments in content, event execution, ad spend, and platform costs.

Segment Performance

Esports remains Nazara’s largest revenue contributor, clocking ₹217.1 crore in Q4FY25, up from ₹148.2 crore in FY24. However, the vertical posted a loss of ₹11.47 crore, marginally pulling down overall earnings.

Gaming and Ad Tech verticals made up for it:

• Gaming revenue: ₹156.41 crore (up from ₹91.03 crore YoY)

• Ad Tech revenue: ₹147.9 crore (up from ₹27.49 crore YoY)

Full-Year FY25 Summary

For the full fiscal year:

• Revenue: ₹1,715.44 crore (up 41% YoY)

• Net Profit: ₹50.96 crore (down 31.82% from ₹74.75 crore in FY24)

The decline in annual net profit was attributed to one-time losses, increased investment outlays, and a shift in business strategy.

Strategic Moves and Acquisitions

Nazara has been aggressively expanding through acquisitions in both domestic and international markets:

FY25 Major Developments:

• Acquired UK-based Curve Games for ₹247 crore to boost global PC/console publishing.

• Entered offline entertainment by acquiring Funky Monkeys and Smaaash.

• Took full ownership of Kiddopia and Sportskeeda.

• Invested ₹982 crore in PokerBaazi (Moonshine Tech).

• Invested ₹18.4 crore for a 15.86% stake in GetMega (GetStan Technologies).

• Infused ₹64 crore into NODWIN Gaming for IP growth and expansion.

FY24 Acquisitions:

• Kiddopia (Paper Boat Apps): ₹300 crore

• Fusebox Games (UK): ₹228 crore

• Freaks 4U Games (Europe): ₹271 crore

• Sportskeeda’s Deltia Gaming: ₹7.5 crore

In January 2025, Nazara raised ₹495 crore from investors including Arpit Khandelwal and Mithun Sacheti, following a ₹855 crore fundraising in late 2023.

CEO Commentary: “FY25 has been a pivotal year—marked by record profitability, deeper control across key businesses, and the successful execution of our Nazara 3.0 strategy. As we enter FY26, we are poised for accelerated growth, especially from our core gaming portfolio,” said Nitish Mittersain, Joint MD & CEO.

He added that Nazara is becoming “a rising force on the global gaming stage,” with enhanced relevance in North America and Europe through strategic partnerships and acquisitions.

Outlook for FY26

Nazara aims to build a high-margin, IP-led gaming platform, leveraging its newly consolidated assets and global reach. The focus is on monetizing owned IP, expanding in Tier-1 gaming markets, and tapping deeper into esports, ad tech, and mobile gaming ecosystems.